ISI Group thinks J.C. Penney (JCP) could create some value by converting hundreds of locations...

ISI Group thinks J.C. Penney (JCP) could create some value by converting hundreds of locations into a REIT-like entity which would sublease space to other retailers. By the firm's estimation, JCP would be valued at $46 with the REIT concept accounting for about $40 of the share price. Though the idea assumes a lot more interest in mall real estate space than the market is indicating, any mention of a REIT play by a retailer is typically enough to give shares a nudge. JCP +1.2% premarket.